Golden Phoenix Completes Note Settlement With Win-Eldrich

Golden Phoenix Minerals (OTCBB: GPXM) entered into a definitive Termination, Settlement and Release Agreement with Win-Eldrich Gold, Inc.   (“WEG”) and Win-Eldrich Mines Limited, parent company of WEG (“WEX”) to settle an outstanding $4.2 million Promissory Note (the “Note”) owed to Golden Phoenix in exchange for a 2% net smelter return royalty (“NSR”) on the Ashdown Project, 3 million shares of WEX common stock, 1.25 million shares of American Mining Corporation (OTCQB: AMCM) and the right to appoint one individual to the WEX Board of Directors.

According to Tom Klein, CEO of Golden Phoenix, “The completion of this Definitive Agreement establishes a solid foundation to advance our business model with both Win-Eldrich and American Mining Corporation.  American Mining is uniquely positioned to provide production support for gold and silver with its milling facilities in Nevada.   Its interest in the 16 to 1 mill site near our Vanderbilt and Coyote Fault properties at Mineral Ridge creates the potential for rapid advancement of these projects from exploration to development to production.”

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: